Company Merger Results in Project Spinout

/in , /by

THE BOURSE WHISPERER: With the ink barely dry on their recent merger agreement, Gascoyne Resources (ASX: GCY) and Firefly Resources (ASX: FFR) are set to spin out project from their combined portfolio into a new entity.

The two companies announced a binding Demerger Implementation Deed (DID), under which they have agreed the terms of a demerger of various assets.

These include the Paterson copper-gold project, the Forrestania gold project, and lithium mineral rights over various tenements held by both Gascoyne and Firefly, all of which are to be acquired by a newly incorporated wholly owned subsidiary of Firefly, Firetail Resources Limited.

Firetail will initially be a publicly unlisted company with an intention to seek an ASX listing sometime following implementation of the merger.

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Matador Mining Completes $16 Million Placement to Fund Cape Ray Gold Project Drilling

/in , /by

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) announced the completion of a raising that delivered proceeds of $16 million.

The funds were raised from the placement of 28.5 million shares at a price of 56 cents per share, which was a 28 per cent premium to the last closing price of Matador shares on 24 June 2021 of 44 cents per share.

Matador explained it was able to issue the New Shares at a premium, as they were issued under the Canadian flow-through share scheme, which provides tax incentives to eligible investors for expenditures that qualify as flow through mining expenditures under the country’s Income Tax Act.

The company indicated the funds raised will enable the company to expand and accelerate exploration activities at the Cape Ray gold project in Newfoundland, Canada.

This increased program is to include expanding diamond drilling from 20,000 metres up to 45,000 metres, increasing the power auger drilling capacity from three to five rigs and increasing the Heli-mag program to 80 kilometres of strike from 40 kilometres.

“I would like to thank both new and existing shareholders for their strong support in this Placement,” Matador Mining executive chairman Ian Murray said in the company’s ASX announcement.

“To have such strong demand highlights the market support for our exploration strategy to systematically test the potential of our Cape Ray Gold Project, in Newfoundland, Canada.

“These additional funds now mean that we can materially accelerate our work program, with the aim of advancing the timing of new discoveries.

“Being able to achieve this is a great result for all shareholders as we reduce dilution whilst also raising additional funds.”

 

TO READ THE FULL ANOUNCEMENT: CLICK HERE

 

Email: info@matadormining.com.au

 

Web: www.matadormining.com.au

 

Ardea Resources Completes Capital Raising to fund Kalgoorlie Nickel Project Feasibility Work

/in , /by

THE BOURSE WHISPERER: Ardea Resources (ASX: ARL) has raised $5.7 million to accelerate activities at the company’s Kalgoorlie nickel project (KNP) in Western Australia.

After the cash is banked, Ardea Resources will have more than $10 million cash it intends spending to progress feasibility study work streams, including hydrology and metallurgical drilling programs, metallurgical test work, and pit optimisation studies.

“The proceeds of the placement ensure Ardea is well funded to maintain momentum on accelerated Kalgoorlie Nickel Project feasibility study work streams,” Ardea Resources managing director Andrew Penkethman said in the company’s ASX announcement.

“With the continued expansion of the lithium-ion battery sector and Original Equipment Manufacturers needing to secure sustainable and ethical mineral supply, Ardea’s Kalgoorlie Nickel Project is perfectly positioned to play a leading role with its globally significant nickel-cobalt and scandium resource at Goongarrie with direct transport infrastructure links to the emerging Kwinana Battery Hub We have drill rigs contracted for the KNP Goongarrie Hub to commence drilling water production bores and metallurgical core holes during the September 2021 Quarter.

“Borefield exploration drilling has recently been completed and defined production bore targets are ready for drilling.

“This hydrology drilling will lock in secure process water supplies for the development of our nickel and critical mineral resources at the Goongarrie production hub.

“The metallurgical testwork will provide samples for additional testwork to refine our plans to use mineralised neutraliser sourced during conventional open pit mining as opposed to having to import neutraliser.

“We will also be assessing options to recover additional critical minerals, in addition to the planned nickel-cobalt and scandium production.

“All of these work streams will further enhance the Kalgoorlie Nickel Project and build upon the prefeasibility and expansion studies completed by Ardea in 2018.”

 

 

 

Email: ardea@ardearesources.com.au

 

Web: www.ardearesources.com.au

 

 

Kalamazoo Resources Expands Victorian Gold Portfolio

/in , /by

THE BOURSE WHISPERER: Kalamazoo Resources (ASX: KZR) bp;stered its portfolio of Victorian gold projects after being granted Exploration Licence EL007323, also known as the Myrtle gold project.

The Myrtle project EL is located within the highly endowed Bendigo Zone of the Central Victorian Goldfields and covers 44 square kilometres of highly prospective goldfields geology, 30km south of the high-grade Fosterville gold mine.

The addition of the Myrtle gold project takes Kalamazoo’s Victorian exploration tenure in the prolific Bendigo Zone to approximately 515sqkm.

“The Myrtle gold project is a great addition to our Victorian portfolio, given its proximity to our nearby Castlemaine and South Muckleford gold projects,” Kalamazoo Resources chairman and CEO Luke Reinehr said in the company’s ASX announcement.

“With the Myrtle gold project located just 30 kilometres from the world-class Fosterville gold mine, it will play an important role in our strategy to consolidate exploration tenure in the immediate vicinity of Fosterville and the highly prospective Central Victorian Goldfields.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@kzr.com.au

 

Web: www.kzr.com.au

 

Ora Banda Mining Receives Investor Support with $21M Raising

/in , /by

THE BOURSE WHISPERER: Ora Banda Mining (ASX: OBM) received support for its recent run of operational achievements with commitments from professional and sophisticated investors to raise $21 million.

Ora Banda Mining completed the placement of approximately 124 million new fully paid ordinary shares at an offer price of 17 cents per new share, receiving support from both new and existing shareholders, with Australian and international institutional investors introduced to the register.

The company also announced a share purchase plan (SPP) to existing eligible shareholders, to raise approximately a further $4 million, also at the placement issue price of 17 cents.

The placement and SPP proceeds, together with Ora Banda’s existing cash balance, will be used to fund resource definition and reserve replacement, maiden reserves work, regional exploration, ramp up costs and working capital for the company’s Davyhurst gold project in Western Australia.

“We are very pleased with the support the placement received, and welcome a number of highly credentialed Australian and offshore investors to the register,” Ora Banda Mining managing director David Quinlivan said in the company’s ASX announcement.

“On behalf of the Board, I would also like to thank our existing shareholders for their strong support.

“FY 2021 has been an incredibly busy time for Ora Banda.

“It was the year in which the company started three new mines, installed and commissioned a range of significant infrastructure on site including a new LNG power station, built a new camp, completed the planned process plant remedial works program on time and within budget and then recommissioned this plant.

“All of this achieved during a year of significant global “Covid-19” disruptions.

“With three mines online by the end of June, the company has a solid and flexible production base as processing ramps up to nameplate capacity.

“Funding to progress resource and reserve definition and advance high priority exploration targets ahead of when previously planned will further underpin the company’s long-term future.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@orabandamining.com.au

 

Web: www.orabandamining.com.au

 

 

Red 5 Limited Lowers Darlot Gold Mine Production Expectations Due to Labour Shortage

/in , /by

THE BOURSE WHISPERER: Red 5 Limited (ASX: RED) reflected the reality of the effect a booming industry can have by reporting lower-than-planned production at the company’s Darlot gold mine due to mining rates continuing to be negatively impacted by machine operator and labour shortages now prevalent across the mining industry.

Red 5 advised it has revised production guidance for the Darlot gold mine for FY2021 to 74,000 – 78,000 ounces (previously 80,000 – 85,000 ounces) at an All In Sustaining Cost (AISC) of $2,240 – $2,290 per ounce (previously $2,150 – $2,280/oz).

The company explained labour availability at both the Darlot underground mine and the Great Western open pit mine has continued to impact production.

In the March 2021 Quarter, Red 5 commenced mining at the Great Western mine, however due to a shortage of machine operators and truck drivers, the contractor has been unable to ramp up mining activities at the planned rate.

This has delayed the delivery of higher-grade ore to the Darlot Mill into FY2022.

Red 5 management is now undertaking a comprehensive review of the Darlot mining operations, with production and cost guidance for FY2022 to be provided in the September Quarter 2021.

“Red 5 continues to make excellent progress on the King of the Hills gold project, however we continue to face challenges at our Darlot gold mine,” Red 5 managing director Mark Williams said in the company’s ASX announcement.

“The difficulty of sourcing skilled labour for both Darlot and for our new Great Western mine has impacted our ability to achieve our FY21 production guidance.

“As previously announced, King of the Hills remains on schedule and budget and is expected to commence gold production in the June Quarter 2022.”

 

 

 

Email: info@red5limited.com

 

Web: www.red5limited.com

 

Blackstone Minerals Announces Gold Asset Spin Out

/in , /by

THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) caught punters at the 2021 RIU Sydney Resources Roundup on the hop by taking time from its presentation slot to announce that its wholly owned subsidiary, Codrus Minerals, has lodged a Prospectus with ASIC to raise $5 million in new equity via an IPO and ASX Listing.

Codrus Minerals has lodged its IPO prospectus with ASIC to raise a minimum of $5 million and a maximum of $8 million with the aim of becoming a highly prospective gold company with the spin-out of Blackstone’s Western Australian gold assets, including the Silver Swan South project, Red Gate project and the Middle Creek project.

Codrus’ portfolio is also to include the Bull Run project in Oregon USA, consisting of 90 claims in Baker County in Eastern Oregon, prospective for gold and has been mined since 1929.

“We are delighted to announce the IPO Prospectus for Codrus, enabling Blackstone to create shareholder value with a valuation of $7 million in new Codrus shares received from the non-core gold portfolio, while we remain focused on our Ta Khoa nickel-PGE-copper-cobalt project in Vietnam as well as retaining the Gold Bridge project in Canada,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackstoneminerals.com.au

 

Web: www.blackstoneminerals.com.au

 

Ardiden to Sell Down Canadian Lithium Assets

/in , /by

THE BOURSE WHISPERER: Ardiden (ASX: ADV) informed the market of the execution of a binding Tenement Option and Acquisition Terms Sheet granting an option to Great Northern Lithium to buy 80 per cent of Ardiden’s lithium portfolio.

Total consideration for the 80 per cent stake is up to $8.7 million that, should it be exercised, completion of the acquisition will be subject to conditions, including shareholder and regulatory approvals.

Ardiden would retain a 20 per cent free-carry to completion of either a Bankable Feasibility Study (BFS) or Decision to Mine.

“Ardiden has been actively evaluating strategic options to best realise the full potential of its lithium assets,” Ardiden non-executive chairman Neil Hackett said in the company’s ASX announcement.

“The prospect of selling 80 per cent of Ardiden’s lithium portfolio to a new, lithium-focused entity provides an opportunity to accelerate exploration and development of these quality assets within the booming battery metals sector.

“These assets are strategically located near the USA border, with easy access to existing infrastructure.

“If they exercise the option, teaming with experienced lithium developers, while retaining a 20 per cent free carry, enables Ardiden to unlock value for shareholders, while retaining some upside exposure to the battery metals market.”

Great Northern Lithium is a newly formed Australian company led by an experienced team with significant global lithium exploration, mining, production, and offtake expertise that is focussed on exploring and developing hard rock lithium deposits in North America.

The deal will enable Ardiden to focus on gold exploration at its Pickle Lake gold project in north-west Ontario, Canada.

“Monetising 80 per cent of our lithium portfolio provides exploration capital to Ardiden, which will be deployed at its highly prospective package of gold prospects at the Pickle Lake gold project,” Ardiden managing director and CEO Rob Longley said.

“GNL will benefit from our in-country experience and existing relationships with First Nation Communities as well as bringing their own expertise in management, marketing, evaluation and development of these strategically-located spodumene-hosted lithium deposits in a booming North American region for critical metal project development.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ardiden.com.au

 

Web: www.ardiden.com.au

 

Black Cat Syndicate Raises $20M

/in , /by

THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) greeted Day Two of the 2021 RIU Sydney Resources Roundup by announcing it has received firm commitments from sophisticated and professional investors in respect of a $20 million placement.

Black Cat Syndicate raised the funds at 67 cents per share and indicated these will be applied to extension and exploration drilling, mill equipment purchases, feasibility studies and other working capital for the company’s Kal East gold project in Western Australia.

The company explained the placement is an integral part of its low-capex, rapid start-up strategy for the Kal East project.

In March 2021, Black Cat acquired a 1.5 million tonnes per annum milling facility, including two ball mills and equipment required to run the facility, spending an extra $1.24 million.

“We are delighted with the support for the Placement and welcome a number of highly credentialed Australian and offshore institutional investors to the register,” Black Cat Syndicate managing director Gareth Solly said in the company’s ASX announcement.

“On behalf of the Board I would also like to thank our existing shareholders for their ongoing support.

“The Placement will allow the company to progress its start-up strategy, targeting first production in the second half of 2022.

“In the June 2021 quarter, we will commence the removal and relocation of our 1.5 million tonnes per annum facility.

“In May 2021, we are anticipating announcing Resource upgrades from the Fingals Mining Centre.

“Furthermore, we look forward to updating investors with results from our extensive drilling programs and ongoing Resource extensions and upgrades.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@blackcatsyndicate.com.au

 

Web: www.blackcatsyndicate.com.au

 

Eagle Mountain Mining Moves to 100% Ownership of Oracle Ridge

/in , /by

THE BOURSE WHISPERER: Eagle Mountain Mining (ASX: EM2) will have plenty to discuss at next week’s RIU Sydney Resources roundup after announcing it is to assume 100 per cent ownership of the Oracle Ridge copper project in Arizona, USA.

Eagle Mountain is to acquire Vincere’s 20 per cent interest in the high-grade Oracle Ridge copper project in exchange for the issue of 10 million shares in Eagle Mountain representing a 5.2 per cent shareholding in Eagle Mountain.

Eagle Mountain’s attributable copper resources will increase by 81 million pounds of copper at an effective acquisition price of US$0.10/lb copper in JORC Resources.

The project has existing JORC resources of 12.2 million tonnes at 1.51 per cent copper, 16.3 grams per tonne silver, 0.19g/t gold for 184,000 tonnes of contained copper at a 1 per cent copper cutoff grade.

“We believe this is a highly value accretive transaction for our shareholders at a time when copper prices are surging due to strong global demand and supply limitations,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.

“The acquisition of Vincere’s 20 per cent interest in Oracle Ridge increases the company’s JORC Resources by 81 million pounds of contained copper, but more significantly provides full exposure to the exploration potential at the project.

“This potential includes multiple high-grade drilling intercepts outside the JORC resources along with large scale prospective areas underneath the Leatherwood granitic intrusive at OREX.

“The acquisition also enables a much simpler structure to progress Oracle Ridge through all phases leading to production.

“Following completion, Vincere will become a shareholder in Eagle Mountain and will still benefit from exposure to Oracle Ridge along with other growth opportunities in the company.

“I truly thank Vincere for their contribution to Oracle Ridge and we warmly welcome them as shareholders in Eagle Mountain.”

 

 

Email: info@eaglemountain.com.au

 

 

Web: www.eaglemountain.com.au